Beginning from today, legacy banks’ cheques will no longer be accepted by any Nigerian bank, the Central Bank of Nigeria (CBN) has said.
This means that such cheques when presented for transactions and clearing will no longer be honoured. Legacy banks are Afribank Plc, Bank PHB Plc, FinBank Plc, ETB Bank Limited, Oceanic Bank Plc and Spring Bank Plc.
The central bank had in November last year directed all money deposit banks and other financial institutions in the country not to accept any legacy or liquidated bank cheques, starting from today.
A statement signed and issued by the Director, Banking and Payment System, CBN, Dapo Fatokun, said any bank that flouts the directive would be sanctioned in line with extant guidelines.
The statement read: “The Central Bank of Nigeria has noted with concern, the prevalence of legacy/liquidated banks’ financial instruments being processed and cleared for settlement in various clearing houses.
“This development is unacceptable and should be discouraged forthwith. The deposit money banks are advised to stop issuance and circulation of legacy/liquidated banks’ financial instruments in our clearing system particularly as we have migrated to Nigeria Uniform Bank Account Number.”
Some of the banks, such First City Monument Bank, Ecobank and Access bank, had in an email messages to their customers notified that beginning from today, such cheques would no longer be accepted for transactions, as advised by the Central Bank of Nigeria.
“This means that such cheques when presented for transactions and clearing will no longer be honoured,” the banks said.
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